A new report has estimated that a father’s contribution to household tasks is a whopping £21,601 per year. However, despite this reality, less than a third (28%) of parents have suitable critical illness insurance in place.
The financial implications of a parent becoming ill and unable to work as a result are often highlighted. But what about the impact a critical illness could have on a mother or father’s ability to carry out household chores?
A recent report for Legal & General calculated the monetary value that can be placed on parents’ domestic duties, including cooking, cleaning and household shopping.
Parents’ Domestic Contribution Massively Underestimated
The report shows that while most parents have an idea about their financial contribution to the household in the form of domestic tasks, both men and women undervalue it by a large margin.
Fathers estimated their contribution was worth £17,108 and mothers only £17,316. The report indicates that these estimates are way off the mark.
Interestingly, the report also discovered that the amount of time parents spend carrying out household chores has narrowed over the last 10 years. Mums in the UK now spend an average of 65.5 hours a week making the home run smoothly. For dads, this figure is 47.5 hours a week.
Worryingly, however, just 28% of parents have critical illness cover in place. This is despite the fact that the majority of parents say ensuring their children are looked after financially should they fall ill is their top priority. Moreover, only 19% have income protection and even fewer have family income benefit (13%).
Cost of Being a Parent ‘Ever Increasing’
Paula Llewellyn, insurance marketing director at Legal & General – herself a mother of one – said: “Parenthood is an occupation in its own right, and juggling these duties alongside a job is a challenging task that’s not to be underrated.
“Raising a child is a huge job for all parents, and the cost of doing so is ever increasing. Our report shows that, despite most parents wanting to provide for their children until they’re financially independent, very few have protection in place should illness prevent them from doing so. Unforeseen circumstances such as illness or loss of income could damage a family’s financial stability. It’s crucial therefore, that those families plan ahead to ensure that their finances are safeguarded should the worst to happen.”
Our advisors always ensure that clients with families know about the implications on the family’s financial stability if sickness or accident should prevent them from working. We help them plan ahead to protect their income in case the worst does happen.
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